Solana fell into a four-month low of $28.35 during the early morning of October 13, plummeting below the $30 marker again for the first time since June 13 when it changed hands at $28.19.
Although the altcoin is not just the only one that suffered as many other cryptocurrencies including pack leaders Bitcoin and Ethereum painted their charts in red, SOL was hit the hardest.
The crypto, however, was able to trim its losses, moving back above the $30 range. At press time, tracking from Coingecko shows the asset is trading at $31.36.
Despite the rebound, Solana is still down by 5.9% over the past 7 days and is second to Cardano in terms of losses during the same time period among the top 10 cryptocurrencies in terms of market capitalization.
But despite being hit hard by price correction, Solana was able to surpass the king of all altcoins, Ethereum, in a category that may surprise a lot of people involved in crypto space.
Solana Beats Ethereum In NFT Space
Solana increased its non-fungible tokens (NFT) sales over the last 30 days by 100%, beating other blockchains including Ethereum.
According to data shared on social media by Solana Daily, SOL ranked 2nd, placing behind Immutable (IMX) in terms of NFT sales growth over a period of one month.
— Solana Daily (@solana_daily) October 12, 2022
IMX was able to increase its sales by 112%. Meanwhile, Flow Blockchain was able to register a 36% increase.
Ethereum performed poorly in the department, as its sales growth during the period was -17%. Binance was another network that had negative growth with its -26%.
In addition, Solana was also included in the top 10 trending cryptocurrencies according to searches made on Coingecko.
Incidentally, it is the only one among the top 10 digital currencies in terms of market cap to make the trending list, leaving out bitcoin and ethereum.
Haunted By Mango Hack
Although Solana was able to score victories over its fellow cryptocurrencies in other departments, its chart remained painted in red and was -10% in terms of weekly gains.
One potential reason for this poor showing could be the recent hacking of the Mango DeFi project built on the Solana blockchain.
We will be disabling deposits on the front end as a precaution, and will keep you updated as the situation evolves.
If you have any information, please contact [email protected] to discuss a bounty for the return of funds. 2/
— Mango (@mangomarkets) October 11, 2022
Hackers were able to gain significant number of loans from the company treasury after exploiting Mango’s collateral. Initial assessment placed losses to over $100 million.
In addition, last week, Solana’s development activity witnessed a decline which casted the impression of lesser efforts from developers to improve the network.
SOL total market cap at $11.26 billion on the daily chart | Featured image from WallpaperAccess, Chart: TradingView.com